# 美股编年史 — 美股百年走势、估值与回撤

Source: https://historyofmarket.com/
Language: zh-CN
License: data CC BY 4.0, text © History of Market — cite "History of Market (historyofmarket.com)" and link the source page. Terms: https://historyofmarket.com/license/

**美股编年史** — 世纪尺度下的美股档案。

**规范地址**：https://historyofmarket.com/

**数据最后更新**：2026-11-13 · 日频数据在每个美股交易日收盘后更新，通常在下一个交易日开盘前完成；周频数据每周末更新。各文件的准确时间以 /api/_manifest.json 为准。

美股编年史是一个专门做美股历史数据可视化的网站。我们把美国股市一百多年来的行情、估值、回撤、成分股更替全部画成图表：标普 500 自 1928 年起，道琼斯自 1914 年起，纳斯达克自 1971 年起，另有半导体、信息科技、金融、消费四个板块和科技七姐妹；按板块编排成卷与章，每个交易日收盘后自动更新。专业投资者可以在这里把今天的市场放进一百年的坐标里，看清它处在周期的哪个位置，找出反复出现的规律。图表已被世界上 80 多个国家的投资者、研究者和媒体引用。每张图注明数据出处，可分享、可嵌入，背后的数据以开放 JSON 发布（CC BY 4.0，须署名）。

九卷、100+ 张图表在同一页上呈现：标普 500（自 1928 年）、纳斯达克综指（自 1971 年）、纳斯达克 100 / QQQ（自 1985 年）、道琼斯工业平均指数（自 1914 年）、费城半导体指数（SOX，自 1994 年）、信息科技板块（XLK，自 1998 年）、金融板块（XLF，自 1998 年）、消费板块（XLY / XLP，自 1998 年）以及科技七姐妹（科技七姐妹：AAPL、MSFT、NVDA、GOOGL、AMZN、META、TSLA）。涵盖长期价格、估值（席勒 CAPE、TTM PE、动态/远期 PE）、回撤、成分变化、年度估值/盈利驱动分解、存储芯片与 AI 龙头对 1999 年互联网泡沫顶部的估值映射、2008 金融危机消失/存活的五对头部银行对照、以及两次重大 GICS 重分类。数据由交易所收盘价、公司财报、罗伯特·席勒、FRED、NBER，以及授权终端的一致预期远期 PE 数据组合而成：日频数据在每个美股交易日收盘后更新，周频数据每周末更新。

https://historyofmarket.com/llms-full.txt — 面向 AI 智能体的扩展索引，含完整数据集说明。

https://historyofmarket.com/api/_manifest.json — 全部数据集清单及最近一次更新时间戳（JSON）。

## 长文

- [标普 500 近 100 年走势：1928–2026 年化收益、最大回撤完整复盘](https://historyofmarket.com/articles/sp500-100-year-history)
- [美股历史最大回撤完整名册：1929 至今 30+ 次熊市与崩盘](https://historyofmarket.com/articles/us-stock-max-drawdowns)
- [现在美股估值贵不贵？席勒市盈率（CAPE）与 AIAE 全解析](https://historyofmarket.com/articles/us-stock-valuation-now)
- [标普 500 年化收益全解：算术平均、复利、波动税](https://historyofmarket.com/articles/sp500-annualized-return-explained)
- [纳斯达克100 和标普500 买哪个？40 年对照](https://historyofmarket.com/articles/nasdaq100-vs-sp500)
- [七巨头占标普 500 多少权重？季度全记录](https://historyofmarket.com/articles/mag7-sp500-weight-cn)
- [VIX 恐慌指数完全指南](https://historyofmarket.com/articles/vix-guide-cn)
- [S&P 500 100-Year Returns: Annual Returns by Year, CAGR & Worst Years](https://historyofmarket.com/articles/sp500-100-year-returns)
- [Shiller PE Today: Is the U.S. Stock Market Overvalued?](https://historyofmarket.com/articles/shiller-pe-current)
- [S&P 500 Average Annual Return: The Real Number](https://historyofmarket.com/articles/sp500-average-annual-return)
- [S&P 500 Annual Returns by Year: Complete Table](https://historyofmarket.com/articles/sp500-annual-returns-by-year)
- [Stock Market Crash History: Every Major U.S. Crash Since 1929](https://historyofmarket.com/articles/stock-market-crash-history)
- [S&P 500 Maximum Drawdowns: The Complete Bear Market Register](https://historyofmarket.com/articles/sp500-maximum-drawdowns)
- [Will the S&P 500 Be Up in 10 Years? Every Rolling Window Since 1928](https://historyofmarket.com/articles/sp500-10-year-investment-odds)
- [Nasdaq vs S&P 500: 40 Years of Returns, Drawdowns and Valuation](https://historyofmarket.com/articles/nasdaq-vs-sp500)
- [The VIX Explained: What the Fear Index Measures](https://historyofmarket.com/articles/vix-fear-index-explained)
- [Magnificent 7 Weight in the S&P 500](https://historyofmarket.com/articles/magnificent-7-sp500-weight)
- [AI Stocks vs the Dot-Com Bubble: The Valuation Numbers](https://historyofmarket.com/articles/ai-stocks-vs-dotcom-bubble)
- [全部长文](https://historyofmarket.com/articles/)

每篇长文都另有 6 个本地化版本（日语、西语、韩语、繁中、法语、德语），路径在 `/articles/<locale>/`：

- [シラーPE（CAPE）の現在値：米国株は割高なのか？](https://historyofmarket.com/articles/ja/shiller-pe-current) · [PE de Shiller hoy](https://historyofmarket.com/articles/es/shiller-pe-current) · [쉴러 PE 현재값](https://historyofmarket.com/articles/ko/shiller-pe-current) · [席勒本益比現在數值](https://historyofmarket.com/articles/zh-tw/shiller-pe-current) · [PE de Shiller aujourd'hui](https://historyofmarket.com/articles/fr/shiller-pe-current) · [Shiller-KGV (CAPE) heute](https://historyofmarket.com/articles/de/shiller-pe-current)
- [S&P 500 過去100年のリターン](https://historyofmarket.com/articles/ja/sp500-100-year-returns) · [S&P 500 100 años](https://historyofmarket.com/articles/es/sp500-100-year-returns) · [S&P 500 100년 수익률](https://historyofmarket.com/articles/ko/sp500-100-year-returns) · [標普500 近100年走勢](https://historyofmarket.com/articles/zh-tw/sp500-100-year-returns) · [S&P 500 sur 100 ans](https://historyofmarket.com/articles/fr/sp500-100-year-returns) · [S&P 500 — 100 Jahre Rendite](https://historyofmarket.com/articles/de/sp500-100-year-returns)
- [米国株 史上最大下落の完全名簿](https://historyofmarket.com/articles/ja/us-stock-max-drawdowns) · [Caídas históricas del mercado bursátil](https://historyofmarket.com/articles/es/us-stock-max-drawdowns) · [미국 주식 역사상 최대 하락](https://historyofmarket.com/articles/ko/us-stock-max-drawdowns) · [美股歷史最大回撤完整名冊](https://historyofmarket.com/articles/zh-tw/us-stock-max-drawdowns) · [Plus fortes baisses des actions américaines](https://historyofmarket.com/articles/fr/us-stock-max-drawdowns) · [Die größten Drawdowns des US-Aktienmarkts](https://historyofmarket.com/articles/de/us-stock-max-drawdowns)

## 静态面板页

本站每张图表都有一个独立的、无需 JavaScript 的静态页面，带有自己的标题、JSON-LD `Article` 标记、分享图，以及直达 `/api/` 数据集的链接。共八个语言版本（默认 `en`，另有 `zh-CN`、`zh-TW`、`ja`、`es`、`ko`、`fr`、`de`）。引用、AI 训练语料，以及任何需要稳定、可完整收录的地址，都可以使用这些 URL——它们不依赖单页应用加载。

- **分类总览**：https://historyofmarket.com/sp500/ · https://historyofmarket.com/zh-cn/sp500/ · https://historyofmarket.com/nasdaq/ · https://historyofmarket.com/zh-cn/nasdaq/
- **年度回报**：https://historyofmarket.com/sp500/annual/ · https://historyofmarket.com/zh-cn/sp500/annual/
- **历史回撤**：https://historyofmarket.com/sp500/drawdown/ · https://historyofmarket.com/zh-cn/sp500/drawdown/
- **500 只成分股一览**：https://historyofmarket.com/sp500/scatter/ · https://historyofmarket.com/zh-cn/sp500/scatter/
- **席勒 CAPE**：https://historyofmarket.com/sp500/pe/ · https://historyofmarket.com/zh-cn/sp500/pe/
- **VIX 恐慌指数**：https://historyofmarket.com/sp500/vix/ · https://historyofmarket.com/zh-cn/sp500/vix/
- **科技七姐妹**：https://historyofmarket.com/sp500/m7/ · https://historyofmarket.com/zh-cn/sp500/m7/
- **纳斯达克综指长跑**：https://historyofmarket.com/nasdaq/nasdaq-composite/ · https://historyofmarket.com/zh-cn/nasdaq/nasdaq-composite/
- **纳斯达克 100 成分股回报排名**：https://historyofmarket.com/nasdaq/nasdaq100-ytd/ · https://historyofmarket.com/zh-cn/nasdaq/nasdaq100-ytd/

完整清单：**每个面板的每个语言版本**，另有各分类总览页（`/sp500/`, `/nasdaq/`, `/semi/`, `/xlk/`, `/fin/`, `/consumer/`, `/mag7/`）及其各语言版本，全部收录于 https://historyofmarket.com/sitemap.xml。

## 标普 500 · § I 世纪尺度的回报形状

- **近一个世纪的年度涨跌** — https://historyofmarket.com/zh-cn/sp500/annual/ · 自 1928 年起的完整年度回报记录。1928–2025 共 98 个完整年度：价格回报口径 66 涨、30 跌、2 年持平；含股息的全收益口径 72 涨、26 跌。
- **年度回报的真实长相** — https://historyofmarket.com/zh-cn/sp500/annual-dist/ · 算术平均 ≈ 11.9%，但真正贴着均值（±2%）的年份只有 7 个。
- **任选买入年份与卖出年份** — https://historyofmarket.com/zh-cn/sp500/annualized-matrix/ · 每一格代表一次假设的持有；持有期越长，年化回报越向长期均值收敛。
- **五年之后，年化回报通常是多少** — https://historyofmarket.com/zh-cn/sp500/rolling/ · 1928 年以来每一个五年滚动窗口的年化收益；负回报的窗口不足一成。
- **十四次穿越零线** — https://historyofmarket.com/zh-cn/sp500/sp500-logyoy/ · 对数同比视角下 1928 年以来的牛熊边界。

## 标普 500 · § II 估值的锚点

- **TTM PE 与 Forward PE** — https://historyofmarket.com/zh-cn/sp500/forward-pe/ · TTM PE 由 500 成分股流通市值加权 Σ(w·P)/Σ(w·trailingEps) 日频构造，授权终端的一致预期远期 PE 为 1990 年至今的季度点加最近一次读数。
- **标普 500 · 每股收益（TTM）** — https://historyofmarket.com/zh-cn/sp500/eps/ · 1871 至今 GAAP TTM EPS 序列。
- **标普 500 · 净资产收益率** — https://historyofmarket.com/zh-cn/sp500/roe/ · 近二十年稳定在 15% 附近。
- **估值 / 盈利驱动分解** — https://historyofmarket.com/zh-cn/sp500/sp500-driver-decomp/ · 1928 年以来每一年的价格回报按 (1+r\_PE)·(1+r\_EPS) 分解：估值驱动、EPS 驱动、双驱、估值抵消盈利、盈利抵消估值。

## 标普 500 · § III 危机的节奏

- **每一次深跌都有名字** — https://historyofmarket.com/zh-cn/sp500/drawdown/ · 1929 年以来每一次重大跌幅，附分类、诱因与恢复天数。
- **年内最深跌幅 vs 全年涨跌** — https://historyofmarket.com/zh-cn/sp500/intrayear-dd/ · 平均年内 ≈ -14%，但年末仍平均收正。
- **市场的呼吸频率** — https://historyofmarket.com/zh-cn/sp500/volatility/ · 20 / 60 日滚动年化波动，长期中位数 ≈ 15%。
- **VIX · 保险费的账本** — https://historyofmarket.com/zh-cn/sp500/vix/ · 隐含波动率高于 30 通常对应危机定价。
- **一年十二个月的季节性** — https://historyofmarket.com/zh-cn/sp500/monthly/ · 月度胜率与平均涨跌的热力图；11 月与 4 月最友好，9 月最难。

## 标普 500 · § IV 内部的骨骼

- **标普 500 是如何「编」出来的** — https://historyofmarket.com/zh-cn/sp500/rules/ · 指数委员会机制、纳入门槛（市值 ≥ $22.7B，2025-07-01 生效）、流动性与财务条件。
- **GICS 十一大行业的权重分布** — https://historyofmarket.com/zh-cn/sp500/sectors/
- **科技七姐妹 · 等权指数** — https://historyofmarket.com/zh-cn/sp500/m7/
- **市值 · 一年回报 · 指数权重** — https://historyofmarket.com/zh-cn/sp500/scatter/
- **调入与调出的历史** — https://historyofmarket.com/zh-cn/sp500/changes/

## 纳斯达克 · § I–V

- **纳斯达克综指 · 半个世纪的长跑** — https://historyofmarket.com/zh-cn/nasdaq/nasdaq-composite/
- **纳指牛熊 · 对数同比视角** — https://historyofmarket.com/zh-cn/nasdaq/nasdaq-logyoy/
- **纳指 100 · 1 周 / 1 月 / 年内 / 1 年涨跌排名** — https://historyofmarket.com/zh-cn/nasdaq/nasdaq100-ytd/
- **纳指 100 · 动态 PE（授权终端一致预期）** — https://historyofmarket.com/zh-cn/nasdaq/ndx-forward-pe/ · 2001 年至今的月度远期 PE + 最近读数；2001-03 互联网泡沫盈利塌陷时短暂飙到 190+ 倍是真实记忆。
- **纳指 100 · 估值/盈利驱动分解** — https://historyofmarket.com/zh-cn/nasdaq/ndx-driver-decomp/ · 2002 年以来每年按远期 PE 倍数变化 × 远期 EPS 修正分解。
- **QQQ 年度回报** — https://historyofmarket.com/zh-cn/nasdaq/nasdaq100-annual/
- **纳指 100 · 任选买入与卖出年份** — https://historyofmarket.com/zh-cn/nasdaq/ndx-matrix/
- **纳指 100 · 五年滚动年化收益** — https://historyofmarket.com/zh-cn/nasdaq/ndx-rolling/
- **纳指 100 · 五十九次历史回撤** — https://historyofmarket.com/zh-cn/nasdaq/ndx-drawdown/
- **纳指 100 · 年内最深跌幅 vs 全年涨跌** — https://historyofmarket.com/zh-cn/nasdaq/ndx-intrayear-dd/
- **纳指 100 · 20/60 日年化波动率** — https://historyofmarket.com/zh-cn/nasdaq/ndx-volatility/
- **VXN · 纳指 100 的波动率指数** — https://historyofmarket.com/zh-cn/nasdaq/ndx-vxn/
- **纳指 100 月度回报热力图** — https://historyofmarket.com/zh-cn/nasdaq/ndx-monthly/
- **纳指 100 · 成分股与权重分布** — https://historyofmarket.com/zh-cn/nasdaq/nasdaq100-companies/
- **前 25 大持仓与累计权重** — https://historyofmarket.com/zh-cn/nasdaq/nasdaq100-weights/

## 半导体 · § I–IV 费城半导体指数（SOX）

- **三十年长镜头** — https://historyofmarket.com/zh-cn/semi/semi-price/ · 1994 年 5 月以来 SOX 日频曲线 + 回撤带。
- **SOX 年度结账** — https://historyofmarket.com/zh-cn/semi/semi-annual/ · 三十一年的年度涨跌簿。
- **SOX 年度回报分布** — https://historyofmarket.com/zh-cn/semi/semi-annual-dist/
- **年内回撤 vs 全年回报** — https://historyofmarket.com/zh-cn/semi/semi-intrayear-dd/ · 即使是收红的年份也常常先经历两位数下跌。
- **SOX 30 只成分的子行业分布** — https://historyofmarket.com/zh-cn/semi/semi-composition/ · 无晶圆设计 / 晶圆代工 / 存储 / 设备 / 模拟 / 射频 / IDM。
- **SMH ETF 25 大持仓** — https://historyofmarket.com/zh-cn/semi/semi-smh/
- **存储芯片 · 三家瓜分** — https://historyofmarket.com/zh-cn/semi/semi-memory/ · MU 在美股，三星与 SK 海力士在韩国 KOSPI；SOX 里只剩 MU。
- **跨基准比值** — https://historyofmarket.com/zh-cn/semi/semi-ratios/ · SOX/SPX、SOX/XLK、XLK/SPX。
- **存储与 HBM 估值 vs 1999 年** — https://historyofmarket.com/zh-cn/semi/semi-memory-valuation/ · MU 与 NVDA TTM PE 落在 CSCO 140× / ORCL 150× / SUNW 120× 标杆之下哪个区间。

## 信息科技 (XLK) · § I–IV

- **XLK 1998 年以来的长镜头** — https://historyofmarket.com/zh-cn/xlk/xlk-price/
- **XLK 年度结账** — https://historyofmarket.com/zh-cn/xlk/xlk-annual/
- **XLK 年度回报分布** — https://historyofmarket.com/zh-cn/xlk/xlk-annual-dist/
- **XLK 年内振幅** — https://historyofmarket.com/zh-cn/xlk/xlk-intrayear-dd/ · 2000、2008、2022 三次年内回撤都在 -30% 以上。
- **XLK 集中度** — https://historyofmarket.com/zh-cn/xlk/xlk-holdings/ · AAPL+MSFT+NVDA 已超过 50%。
- **2018 年 9 月口径裂缝** — https://historyofmarket.com/zh-cn/xlk/xlk-reclass/ · GICS 把 GOOGL、META、NFLX 从信息科技搬出。

## 金融 (XLF) · § I–IV

- **XLF 1998 年以来的长镜头** — https://historyofmarket.com/zh-cn/fin/fin-price/ · 2008 全行业累计 -84%，美股行业最深的伤疤。
- **XLF 年度结账** — https://historyofmarket.com/zh-cn/fin/fin-annual/
- **XLF 年度回报分布** — https://historyofmarket.com/zh-cn/fin/fin-annual-dist/
- **XLF 年内振幅** — https://historyofmarket.com/zh-cn/fin/fin-intrayear-dd/
- **2008 · 五家消失 vs 五家挺过** — https://historyofmarket.com/zh-cn/fin/fin-crisis/ · 贝尔斯登、雷曼兄弟、华盛顿互惠、美联银行、AIG 对 JPM、GS、MS、BAC、WFC。
- **收益率曲线 × XLF** — https://historyofmarket.com/zh-cn/fin/fin-rates/ · 2y-10y 利差 vs 行业 12 个月回报。
- **2023 GICS 重分类** — https://historyofmarket.com/zh-cn/fin/fin-reclass/ · V、MA 一夜从信息科技搬进金融。
- **XLF 头部持仓** — https://historyofmarket.com/zh-cn/fin/fin-holdings/

## 消费 (XLY · XLP) · § I–V

- **可选消费与必需消费是什么** — https://historyofmarket.com/zh-cn/consumer/consumer-definitions/ · GICS 25 / 30 的七个行业组与边界公司。
- **XLY 1998 年至今** — https://historyofmarket.com/zh-cn/consumer/xly-price/
- **XLP 1998 年至今** — https://historyofmarket.com/zh-cn/consumer/xlp-price/
- **XLY/XLP 风险偏好比值** — https://historyofmarket.com/zh-cn/consumer/consumer-ratio/ · 历史最低点出现在 2008-11-20。
- **XLY 年度回报** — https://historyofmarket.com/zh-cn/consumer/xly-annual/
- **XLP 年度回报** — https://historyofmarket.com/zh-cn/consumer/xlp-annual/
- **XLY 回报分布** — https://historyofmarket.com/zh-cn/consumer/xly-annual-dist/
- **XLP 回报分布** — https://historyofmarket.com/zh-cn/consumer/xlp-annual-dist/
- **十二家消费复利机器** — https://historyofmarket.com/zh-cn/consumer/consumer-companies/ · 以 1998-12-22 为 100，含股息再投资。
- **零售的灭绝事件** — https://historyofmarket.com/zh-cn/consumer/consumer-extinction/ · 电路城、无线电小屋、西尔斯、彭尼百货、Bed Bath & Beyond 对 WMT、COST、HD、TJX、AMZN。
- **XLY 年内振幅** — https://historyofmarket.com/zh-cn/consumer/xly-intrayear-dd/
- **XLP 年内振幅** — https://historyofmarket.com/zh-cn/consumer/xlp-intrayear-dd/
- **2023 GICS 重分类** — https://historyofmarket.com/zh-cn/consumer/consumer-reclass/ · 塔吉特、达乐、美元树迁入必需消费。
- **XLY 与 XLP 头部持仓** — https://historyofmarket.com/zh-cn/consumer/consumer-holdings/

## 科技七姐妹 · § I–V

- **科技七姐妹等权指数** — https://historyofmarket.com/zh-cn/mag7/mag7-index/ · 2022 年 1 月初买入持有至今的等权组合走势。
- **七只占标普 500 的市值集中度** — https://historyofmarket.com/zh-cn/mag7/mag7-concentration/ · 2018 年 13% → 2024 年底 33%+。
- **个股距高点回撤** — https://historyofmarket.com/zh-cn/mag7/mag7-drawdown/ · 七只小图并排，MSFT 最稳，TSLA 最大；META 2022 -77% 后 14 个月翻倍。
- **七只是七只还是一只？** — https://historyofmarket.com/zh-cn/mag7/mag7-correlation/ · 60 日滚动两两相关与五年平均。
- **AI 龙头 vs 1999 年互联网泡沫顶点** — https://historyofmarket.com/zh-cn/mag7/mag7-ai-valuation/ · NVDA、MSFT、META、GOOGL 的 TTM PE 与 CSCO 140× / ORCL 150× / SUNW 120× / MSFT 60× / INTC 50× 标杆并置。
- **科技七姐妹的祖辈** — https://historyofmarket.com/zh-cn/mag7/mag7-predecessors/ · 漂亮五十 → 四骑士 → FANG → FAANG → 科技七姐妹。

## 数据接口

每张图表背后的数据都以 JSON 形式发布在 `/api/` 下的固定路径。可免费用于研究与教学；引用格式：「美股编年史（historyofmarket.com），[数据集或面板名]，访问日期 [日期]」。

- https://historyofmarket.com/api/_manifest.json — 数据集目录及最近更新时间戳
- https://historyofmarket.com/api/_latest.json — 各面板当前读数（数值、单位、观测日期），按面板标识索引
- https://historyofmarket.com/feed.xml · https://historyofmarket.com/feed.json — 长文订阅源（Atom / JSON Feed）
- https://historyofmarket.com/data-feed.xml — 数据集更新订阅源（Atom）
- https://historyofmarket.com/api/profile.json — 面向 AI 智能体的单文件站点概况
- https://historyofmarket.com/api/tools.json — 可供机器调用的工具清单
- https://historyofmarket.com/api/sp500/century.json — 标普 500 日收盘价，1928 年起
- https://historyofmarket.com/api/sp500/annual-returns.json — 年度回报，1928 年起
- https://historyofmarket.com/api/sp500/drawdowns.json — 回撤名册，1929 年起
- https://historyofmarket.com/api/sp500/vix.json — VIX 日频数据，1990 年起
- https://historyofmarket.com/api/sp500/forward-pe.json — 标普 500 TTM 与远期 PE
- https://historyofmarket.com/api/sp500/eps.json — 标普 500 TTM EPS，1871 年起
- https://historyofmarket.com/api/sp500/driver-decomp.json — 年度估值 × EPS 驱动分解，1928 年起
- https://historyofmarket.com/api/sp500/constituents.json — 当前 500 只成分股
- https://historyofmarket.com/api/nasdaq/composite.json — 纳斯达克综指，1971 年起
- https://historyofmarket.com/api/ndx/daily.json — 纳斯达克 100，1985 年起
- https://historyofmarket.com/api/ndx/forward-pe.json — 纳斯达克 100 授权终端一致预期远期 PE，2001 年起
- https://historyofmarket.com/api/ndx/driver-decomp.json — 纳斯达克 100 估值重估 × 盈利预期修正分解，2002 年起
- https://historyofmarket.com/api/dow/century.json — 道琼斯工业平均指数，1914 年起
- https://historyofmarket.com/api/semi/price.json — 费城半导体指数，1994 年起
- https://historyofmarket.com/api/semi/composition.json — SOX 30 只成分股按子行业分类
- https://historyofmarket.com/api/semi/smh.json — 范艾克半导体 ETF（SMH）持仓
- https://historyofmarket.com/api/semi/memory-valuation.json — MU / NVDA TTM PE 对照 1999 年互联网泡沫顶部
- https://historyofmarket.com/api/xlk/price.json — 信息科技（XLK）ETF，1998 年起
- https://historyofmarket.com/api/xlk/holdings.json — XLK 头部持仓及累计权重
- https://historyofmarket.com/api/xlk/reclass-2018.json — 2018 年 GICS 通信服务板块重组
- https://historyofmarket.com/api/fin/price.json — 金融（XLF）ETF，1998 年起
- https://historyofmarket.com/api/fin/crisis-2008.json — 2008 年金融危机对照组（5 家消失 + 5 家挺过）
- https://historyofmarket.com/api/fin/rates.json — 2y-10y 收益率曲线 × XLF 12 个月回报
- https://historyofmarket.com/api/fin/reclass-2023.json — 2023 年 GICS 支付类公司并入金融板块
- https://historyofmarket.com/api/consumer/xly-price.json — 可选消费（XLY）ETF，1998 年起
- https://historyofmarket.com/api/consumer/xlp-price.json — 必需消费（XLP）ETF，1998 年起
- https://historyofmarket.com/api/consumer/ratio.json — XLY ÷ XLP 日频风险偏好比值
- https://historyofmarket.com/api/consumer/companies.json — 12 家消费公司，以 1998-12-22 为 100
- https://historyofmarket.com/api/consumer/extinction.json — 零售灭绝名册（5 家申请破产保护 + 5 家幸存）
- https://historyofmarket.com/api/consumer/reclass-2023.json — 2023 年 GICS 将 TGT / DG / DLTR 调入必需消费
- https://historyofmarket.com/api/mag7/concentration.json — M7 占标普 500 市值比例，季频
- https://historyofmarket.com/api/mag7/ai-valuation.json — NVDA / MSFT / META / GOOGL TTM PE 对照 1999 年远期 PE 区间
- https://historyofmarket.com/api/mag7/predecessors.json — 漂亮五十 → FANG → 科技七姐妹的谱系
- https://historyofmarket.com/api/m7/index.json — 科技七姐妹等权组合
- https://historyofmarket.com/api/recessions.json — NBER 衰退日期

## History of Market — The Chronicle of the U.S. Stock Market

**Canonical URL**: https://historyofmarket.com/ · **Data last refreshed**: 2026-11-13 (daily datasets update after each U.S. trading-day close, normally before the next session opens; weekly datasets update each weekend; per-file timestamps in /api/_manifest.json).

History of Market is a data-visualisation site for the history of the U.S. stock market. More than a century of prices, valuations, drawdowns and index membership — the S&P 500 since 1928, the Dow since 1914, the Nasdaq since 1971, the semiconductor, technology, financial and consumer sectors, and the Magnificent 7 — drawn as charts, arranged by sector into volumes and chapters, and refreshed automatically after every U.S. trading-day close. Professional investors use it to place today's market inside a hundred-year frame: where the cycle stands, and which patterns recur. Its charts are cited by investors, researchers and media in more than 80 countries. Every chart names its source and can be shared or embedded; the data behind it is published as open JSON (CC BY 4.0, attribution required).

It opens on a front page and runs across nine numbered volumes. The S&P 500 (since 1928), Nasdaq Composite (since 1971), Nasdaq 100 / QQQ (since 1985), Dow Jones Industrial Average (since 1914), Philadelphia Semiconductor Index (since 1994), Information Technology sector (XLK, since 1998), Financials (XLF, since 1998), Consumer Discretionary and Staples (XLY and XLP, since 1998), and an equal-weighted Magnificent 7 composite are plotted on a single editorial page. Each volume is a handful of short chapters, each answering one question — the shape of returns, the rhythm of crisis, the anchors of valuation, the anatomy of the index, sector-specific structure, valuation overlays vs the 1999 dotcom peak, and a year-by-year valuation/EPS driver decomposition. Source data is composed from exchange closing prices, company filings, Robert Shiller, FRED, NBER, and licensed terminal consensus data for forward P/E. More than a hundred charts in all.

For machine-readable summaries: https://historyofmarket.com/llms.txt · https://historyofmarket.com/llms-full.txt · https://historyofmarket.com/api/profile.json · https://historyofmarket.com/api/tools.json · https://historyofmarket.com/api/_manifest.json · https://historyofmarket.com/api/_latest.json (current readings) · https://historyofmarket.com/feed.xml · https://historyofmarket.com/data-feed.xml.

## Long-form articles

- [S&P 500 100-Year Returns: Annual Returns by Year, CAGR & Worst Years](https://historyofmarket.com/articles/sp500-100-year-returns)
- [S&P 500 Average Annual Return: The Real Number (and Why It Misleads)](https://historyofmarket.com/articles/sp500-average-annual-return)
- [S&P 500 Annual Returns by Year: Complete Table](https://historyofmarket.com/articles/sp500-annual-returns-by-year)
- [Shiller PE Today: Is the U.S. Stock Market Overvalued?](https://historyofmarket.com/articles/shiller-pe-current)
- [Stock Market Crash History: Every Major U.S. Crash Since 1929](https://historyofmarket.com/articles/stock-market-crash-history)
- [S&P 500 Maximum Drawdowns: The Complete Bear Market Register](https://historyofmarket.com/articles/sp500-maximum-drawdowns)
- [Will the S&P 500 Be Up in 10 Years? Every Rolling Window Since 1928](https://historyofmarket.com/articles/sp500-10-year-investment-odds)
- [Nasdaq vs S&P 500: 40 Years of Returns, Drawdowns and Valuation](https://historyofmarket.com/articles/nasdaq-vs-sp500)
- [The VIX Explained: What the Fear Index Measures](https://historyofmarket.com/articles/vix-fear-index-explained)
- [Magnificent 7 Weight in the S&P 500](https://historyofmarket.com/articles/magnificent-7-sp500-weight)
- [AI Stocks vs the Dot-Com Bubble: The Valuation Numbers, Side by Side](https://historyofmarket.com/articles/ai-stocks-vs-dotcom-bubble)
- [美股历史最大回撤完整名册](https://historyofmarket.com/articles/us-stock-max-drawdowns) (Chinese counterpart)
- [Full article index](https://historyofmarket.com/articles/)

Each long-form article also has bridge versions in 4 additional locales (ja / es / ko / zh-TW) under `/articles/<locale>/` — each a stand-alone HTML page with its own hreflang chain and NewsArticle JSON-LD. Search examples: シラーPE 今, PE de Shiller hoy, 쉴러 PE, 席勒本益比 (covered by 12 locale entries in https://historyofmarket.com/sitemap.xml).

## Static landing pages (no JS required)

Every chart has a stand-alone HTML page with its own JSON-LD Article + Dataset, OG image, and a direct link to the underlying JSON. Eight locales (English default, plus zh-CN, zh-TW, ja, es, ko, fr, de). Use these URLs when citing or training — they're stable and don't require JavaScript.

- **Category hubs**: https://historyofmarket.com/sp500/ · https://historyofmarket.com/nasdaq/ · https://historyofmarket.com/semi/ · https://historyofmarket.com/xlk/ · https://historyofmarket.com/fin/ · https://historyofmarket.com/consumer/ · https://historyofmarket.com/mag7/
- **Embed gallery**: https://historyofmarket.com/embeds/ — panels available as free attribution-only iframes at `/embed/<slug>`

Full inventory: every panel in every locale, plus per-category hubs and their per-locale variants, all enumerated in https://historyofmarket.com/sitemap.xml.

## S&P 500 · § I The Shape of a Century

- [Nearly a century of annual verdicts](https://historyofmarket.com/sp500/annual/) — over the 98 complete years 1928–2025: 66 up, 30 down and 2 flat on price return; 72 up and 26 down on total return.
- [What annual returns actually look like](https://historyofmarket.com/sp500/annual-dist/) — arithmetic mean ≈ 11.9%, only 7 of 98 finished years within ±2% of it.
- [Pick any entry year, any exit year](https://historyofmarket.com/sp500/annualized-matrix/) — every hold-period combination.
- [Five years later, the typical return](https://historyofmarket.com/sp500/rolling/) — fewer than 10% of rolling 5-year windows are negative.
- [Fourteen crossings of zero](https://historyofmarket.com/sp500/sp500-logyoy/) — bull/bear handoffs on a log year-over-year scale, 1928→today.

## S&P 500 · § II Anchors of Valuation

- [Trailing PE vs Forward PE](https://historyofmarket.com/sp500/forward-pe/) — daily cap-weighted TTM PE plus quarterly consensus forward PE back to 1990.
- [S&P 500 EPS (TTM) since 1871](https://historyofmarket.com/sp500/eps/)
- [S&P 500 return on equity](https://historyofmarket.com/sp500/roe/) — steady near 15% for two decades.
- [Valuation / EPS driver decomposition](https://historyofmarket.com/sp500/sp500-driver-decomp/) — (1+r\_PE)·(1+r\_EPS) decomposition for every calendar year since 1928.

## S&P 500 · § III The Rhythm of Crisis

- [Every deep fall carries a name](https://historyofmarket.com/sp500/drawdown/) — every major decline since 1929 with category, cause, and recovery days.
- [Deepest intrayear drop vs year-end outcome](https://historyofmarket.com/sp500/intrayear-dd/) — average intrayear -14%, year-end average still positive.
- [The market's breathing rate](https://historyofmarket.com/sp500/volatility/) — 20/60-day realized vol; long-term median ≈ 15%.
- [VIX — the bill for buying protection](https://historyofmarket.com/sp500/vix/) — >30 typically marks crisis pricing.
- [Twelve months, twelve temperaments](https://historyofmarket.com/sp500/monthly/) — November and April friendliest, September cruelest.

## S&P 500 · § IV Anatomy of the Index

- [How the S&P 500 is built](https://historyofmarket.com/sp500/rules/) — eligibility, weighting, governance.
- [GICS eleven-sector weight distribution](https://historyofmarket.com/sp500/sectors/)
- [Magnificent 7 equal-weight index](https://historyofmarket.com/sp500/m7/)
- [500 constituents — market cap × 1-year return × index weight](https://historyofmarket.com/sp500/scatter/)
- [Index metabolism — additions and removals](https://historyofmarket.com/sp500/changes/)

## Nasdaq series · § I–V

- [Nasdaq Composite — from 100 (Feb 5, 1971) to 16,000+](https://historyofmarket.com/nasdaq/nasdaq-composite/)
- [Footprints of a bubble — log YoY, 1971→today](https://historyofmarket.com/nasdaq/nasdaq-logyoy/)
- [Constituent return rankings — 1W / 1M / YTD / 1Y](https://historyofmarket.com/nasdaq/nasdaq100-ytd/)
- [Nasdaq 100 forward PE](https://historyofmarket.com/nasdaq/ndx-forward-pe/) — 12-month consensus, monthly back to 2001.
- [Nasdaq 100 · rerating × revision](https://historyofmarket.com/nasdaq/ndx-driver-decomp/) — annual decomposition into forward-PE change × forward-EPS revision, 2002→.
- [QQQ annual returns since 1999](https://historyofmarket.com/nasdaq/nasdaq100-annual/) — ~15% average; -42% in 2008.
- [Nasdaq 100 annual return distribution](https://historyofmarket.com/nasdaq/ndx-annual-dist/)
- [Nasdaq 100 · pick entry, pick exit](https://historyofmarket.com/nasdaq/ndx-matrix/)
- [Nasdaq 100 · five-year rolling annualized](https://historyofmarket.com/nasdaq/ndx-rolling/)
- [Nasdaq 100 · 59 historical drawdowns](https://historyofmarket.com/nasdaq/ndx-drawdown/) — 2000-2002 cumulative -83%.
- [Nasdaq 100 · intrayear drawdown vs year-end](https://historyofmarket.com/nasdaq/ndx-intrayear-dd/)
- [Nasdaq 100 · 20/60-day realized vol](https://historyofmarket.com/nasdaq/ndx-volatility/) — median ~22%, systematically above S&P 500.
- [VXN · the Nasdaq fear index](https://historyofmarket.com/nasdaq/ndx-vxn/)
- [Nasdaq 100 monthly return heatmap](https://historyofmarket.com/nasdaq/ndx-monthly/)
- [Nasdaq 100 constituents & weights](https://historyofmarket.com/nasdaq/nasdaq100-companies/)
- [Top 25 holdings & cumulative weight](https://historyofmarket.com/nasdaq/nasdaq100-weights/) — top 7 names ≈ 50% of the index.

## Semiconductors · § I–IV (Philadelphia Semiconductor Index)

- [SOX — three decades of the highest-amplitude industry](https://historyofmarket.com/semi/semi-price/)
- [SOX annual return ledger](https://historyofmarket.com/semi/semi-annual/)
- [SOX annual return distribution](https://historyofmarket.com/semi/semi-annual-dist/)
- [Intrayear drawdown vs year-end return](https://historyofmarket.com/semi/semi-intrayear-dd/) — even up years routinely contain double-digit drops.
- [SOX's 30 constituents by sub-industry](https://historyofmarket.com/semi/semi-composition/)
- [VanEck Semiconductor ETF (SMH) holdings](https://historyofmarket.com/semi/semi-smh/)
- [Memory's three-way split](https://historyofmarket.com/semi/semi-memory/) — MU on US exchanges, Samsung & SK Hynix on KOSPI.
- [Cross-basis ratios — SOX/SPX, SOX/XLK, XLK/SPX](https://historyofmarket.com/semi/semi-ratios/)
- [Memory & HBM TTM PE vs 1999 dotcom peak](https://historyofmarket.com/semi/semi-memory-valuation/) — MU and NVDA against the CSCO/ORCL/SUNW reference bands.

## Information Technology (XLK) · § I–IV

- [XLK's arc since 1998](https://historyofmarket.com/xlk/xlk-price/)
- [XLK year-by-year ledger](https://historyofmarket.com/xlk/xlk-annual/)
- [XLK annual return distribution](https://historyofmarket.com/xlk/xlk-annual-dist/)
- [XLK intrayear amplitude](https://historyofmarket.com/xlk/xlk-intrayear-dd/)
- [XLK top holdings & cumulative weight](https://historyofmarket.com/xlk/xlk-holdings/) — AAPL+MSFT+NVDA already past 50%.
- [The seam of 2018](https://historyofmarket.com/xlk/xlk-reclass/) — GICS moved GOOGL/META/NFLX out of Information Technology.

## Financials (XLF) · § I–IV

- [XLF's arc since 1998](https://historyofmarket.com/fin/fin-price/) — -84% through the 2008 GFC, the deepest scar in any US sector ETF.
- [XLF year-by-year ledger](https://historyofmarket.com/fin/fin-annual/)
- [XLF annual return distribution](https://historyofmarket.com/fin/fin-annual-dist/)
- [XLF intrayear amplitude](https://historyofmarket.com/fin/fin-intrayear-dd/)
- [2008 — five vanished, five survived](https://historyofmarket.com/fin/fin-crisis/) · Bear, Lehman, WaMu, Wachovia, AIG vs JPM, GS, MS, BAC, WFC.
- [Yield curve × XLF](https://historyofmarket.com/fin/fin-rates/) — 2y-10y spread vs the sector's trailing 12-month return.
- [March 2023 — V and MA become Financials](https://historyofmarket.com/fin/fin-reclass/)
- [XLF's top holdings](https://historyofmarket.com/fin/fin-holdings/)

## Magnificent 7 · § I–V

- [Mag 7 equal-weight composite](https://historyofmarket.com/mag7/mag7-index/)
- [Mag 7 as % of S&P 500 cap](https://historyofmarket.com/mag7/mag7-concentration/) — 13% in 2018 → 33%+ at year-end 2024.
- [Per-member peak-to-date drawdown](https://historyofmarket.com/mag7/mag7-drawdown/)
- [Seven names or one trade?](https://historyofmarket.com/mag7/mag7-correlation/) — 60-day rolling pairwise correlation + 5-year average.
- [AI leaders vs the 1999 dotcom peak](https://historyofmarket.com/mag7/mag7-ai-valuation/) — NVDA / MSFT / META / GOOGL TTM PE against CSCO 140× / ORCL 150× bands.
- [Ancestors of M7](https://historyofmarket.com/mag7/mag7-predecessors/) — Nifty Fifty → Four Horsemen → FANG → FAANG → Mag 7.

## Data APIs (JSON)

Every chart's underlying data is a JSON GET at `/api/<dataset>.json`. CORS is wide open. Free for research and educational use under CC BY 4.0; cite as "History of Market — The Chronicle of the U.S. Stock Market, [dataset], historyofmarket.com, accessed [date]."

- https://historyofmarket.com/api/_manifest.json — catalog + last refresh timestamp
- https://historyofmarket.com/api/_latest.json — current readings (value, unit, observation date), keyed by panel slug
- https://historyofmarket.com/feed.xml · https://historyofmarket.com/feed.json — article feed (Atom / JSON Feed)
- https://historyofmarket.com/data-feed.xml — dataset update feed (Atom)
- https://historyofmarket.com/api/profile.json — single-file site profile for AI agents
- https://historyofmarket.com/api/tools.json — machine-callable tool list (MCP-style)
- https://historyofmarket.com/api/sp500/century.json — S&P 500 daily closes 1928→
- https://historyofmarket.com/api/sp500/annual-returns.json — annual returns 1928→
- https://historyofmarket.com/api/sp500/drawdowns.json — drawdown register 1929→
- https://historyofmarket.com/api/sp500/vix.json — VIX daily 1990→
- https://historyofmarket.com/api/sp500/forward-pe.json — S&P 500 trailing & forward PE
- https://historyofmarket.com/api/sp500/eps.json — S&P 500 TTM EPS 1871→
- https://historyofmarket.com/api/sp500/driver-decomp.json — annual valuation × EPS driver decomposition, 1928→
- https://historyofmarket.com/api/sp500/constituents.json — current 500 members
- https://historyofmarket.com/api/nasdaq/composite.json — Nasdaq Composite 1971→
- https://historyofmarket.com/api/ndx/daily.json — Nasdaq 100 1985→
- https://historyofmarket.com/api/ndx/forward-pe.json — Nasdaq 100 consensus forward PE 2001→
- https://historyofmarket.com/api/ndx/driver-decomp.json — Nasdaq 100 rerating × revision decomposition, 2002→
- https://historyofmarket.com/api/dow/century.json — Dow Jones Industrial Average 1914→
- https://historyofmarket.com/api/semi/price.json — Philadelphia Semiconductor Index 1994→
- https://historyofmarket.com/api/semi/composition.json — SOX 30 constituents by sub-industry
- https://historyofmarket.com/api/semi/smh.json — VanEck Semiconductor ETF (SMH) holdings
- https://historyofmarket.com/api/semi/ratios.json — SOX/SPX, SOX/XLK, XLK/SPX rebased ratios
- https://historyofmarket.com/api/semi/memory-valuation.json — MU/NVDA TTM PE vs 1999 dotcom peak
- https://historyofmarket.com/api/xlk/price.json — Information Technology (XLK) ETF 1998→
- https://historyofmarket.com/api/xlk/holdings.json — XLK top holdings & cumulative weight
- https://historyofmarket.com/api/xlk/reclass-2018.json — 2018 GICS communication-services reshuffle
- https://historyofmarket.com/api/fin/price.json — Financials (XLF) ETF 1998→
- https://historyofmarket.com/api/fin/crisis-2008.json — 2008 financial crisis cohort (5 vanished + 5 survived)
- https://historyofmarket.com/api/fin/rates.json — 2y-10y yield curve × XLF 12-month return
- https://historyofmarket.com/api/fin/reclass-2023.json — 2023 GICS payments-into-financials reshuffle
- https://historyofmarket.com/api/consumer/xly-price.json — Consumer Discretionary (XLY) ETF 1998→
- https://historyofmarket.com/api/consumer/xlp-price.json — Consumer Staples (XLP) ETF 1998→
- https://historyofmarket.com/api/consumer/ratio.json — XLY ÷ XLP daily risk-appetite ratio
- https://historyofmarket.com/api/consumer/companies.json — 12 consumer companies indexed to 100 on 1998-12-22
- https://historyofmarket.com/api/consumer/extinction.json — retail extinction ledger (5 Chapter 11 filers + 5 survivors)
- https://historyofmarket.com/api/consumer/reclass-2023.json — 2023 GICS move of TGT / DG / DLTR into Staples
- https://historyofmarket.com/api/fin/holdings.json — XLF top holdings & cumulative weight
- https://historyofmarket.com/api/mag7/concentration.json — M7 % of S&P 500 cap, quarterly
- https://historyofmarket.com/api/mag7/ai-valuation.json — NVDA/MSFT/META/GOOGL TTM PE vs 1999 forward PE bands
- https://historyofmarket.com/api/mag7/predecessors.json — Nifty Fifty → FANG → Mag 7 lineage
- https://historyofmarket.com/api/m7/index.json — Magnificent 7 equal-weighted composite
- https://historyofmarket.com/api/aiae.json — Aggregate Investor Allocation to Equities
- https://historyofmarket.com/api/recessions.json — NBER recession dates

---

Data: https://historyofmarket.com/api/sp500/century.json · https://historyofmarket.com/api/sp500/annual-returns.json · https://historyofmarket.com/api/sp500/annual-tr.json · https://historyofmarket.com/api/sp500/drawdowns.json · https://historyofmarket.com/api/sp500/vix.json · https://historyofmarket.com/api/sp500/pe.json · https://historyofmarket.com/api/sp500/eps.json · https://historyofmarket.com/api/aiae.json · https://historyofmarket.com/api/sp500/constituents.json · https://historyofmarket.com/api/nasdaq/composite.json · https://historyofmarket.com/api/ndx/daily.json · https://historyofmarket.com/api/ndx/price.json · https://historyofmarket.com/api/ndx/vxn.json · https://historyofmarket.com/api/dow/century.json · https://historyofmarket.com/api/m7/index.json · https://historyofmarket.com/api/recessions.json
Machine index: https://historyofmarket.com/llms.txt